A nice post-Fed rally was thrown away when Fitch Ratings downgraded Bond Insurer FGICto AA status. Even still, Guy Adami called it a “great day for the banks” because it gives an opportunity to buy them on a dip even though the Fed is sure to help them get back on track. He particularly likes Wachovia .

Jeff Macke called Fitch Grinch-like for stealing the Fed’s thunder and wiping out a tripe digit rally. This would have been a good day to make a graceful exit on the rally, he said.

Pete Najarian expects a pullback in the XLF so he’s buying downside puts and upside calls on the financial ETF.

Jeff applied the “G.I.G.” acronym to analyze the Fed decision. The bank is clearly worried about growth but not inflation and put out guidance that shows it is prepared to lower again. That puts the Fed squarely in the corner of the bulls, he said, but now is the time for the central bank to “go away for a while” and let the market work.

With news breaking that Standard & Poors will cut or reduce the ratings on another $500 billion in CDOs, Pete Najarian couldn’t help but become a little anxious. He recommended using puts on any long-term investment for protection, especially for those who are going to exploit the weakness in financials to buy them.

AFTER HOURS ACTION: STARBUCKS

The headline: Starbucks Shares Fall After Hours as the Company Reduces Profit Forecast

CEO Howard Schultz is “doing the right thing” according to Jeff Macke. He said the short trade on SBUX is over, and it’s a buy again at $18.

AFTER HOURS ACTION: AMAZON

The headline:Amazon Shares Lower After Hours on Concerns Over Future Profit Growth

Poor Amazon. It reports numbers that are “better than so-so,” according to Jeff Macke, and the stock gets absolutely slaughtered after hours. It seems to be a common theme this earnings season. Maybe AMZN just shouldn’t have opened its mouth in this environment, Jeff said.

Lilly made a lot of money on Zyprexa and will likely continue to fight to settle, Pete Najarian said. But it raises the broader issue that there is so much negativity in Big Pharma these. He would stay on the sidelines of the drug trade for the time being or lighten up the load until things cool down.

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